Making the Tough Decisions during Troubling Economic Times
Making the Tough Decisions during Troubling Economic Times
I’m sure you’ve heard the saying “You have to make hay while the sun shines,” well, that time is over and now you have to preserve and be ready for tomorrow. You don’t have to live in tomorrow but you do have to position yourself correctly. How do you do that? That’s easy, you start identifying areas of the economy that will have to succeed; areas that people will spend money in no matter what is happening.
But before you do that you need to make the hard decisions, you have to decide what keeps you going and do it. Don’t be paralyzed by the decision. Don’t push off tomorrow what you can and should do today because if you do you won't be around tomorrow. Those that make these tough decisions now will be well-positioned in the future.
For those of you who are currently employed, your mission is simple. Do whatever is necessary to help your company and your boss keep the doors open. You do that by recognizing and understanding that the company may be suffering tough economic times too. Look around for areas of the business that may be wasting money or areas than can be streamlined. You must do whatever it takes even if that means offering to take a pay cut. If needed then so be it, but remember the boss will remember that when it comes down to layoffs. Your boss needs people around who take ownership in what they do, and aren’t there just to collect a pay check every two weeks. I can assure you that those days gone.
Here are the alternatives in these tough times. At some point your company will start to evaluate the assets and resources and if you have the shortest seniority, your name will come up sooner than later but that’s okay. If you know it then that gives you an advantage, the ability to develop a “plan B.” But remember this, if you are thinking about finding another job rather than sticking around and helping your current company, be careful. First, jobs are very difficult to find today and if you are fortunate enough to locate a company to hire you, they are probably facing the same volatile economic conditions that your old company was experiencing. Just keep in mind; you will be the newest member of the staff in the new company which means you have absolutely no seniority. So, what were the benefits?
I recommend that you stick it out right where you are; as long as you are making money in the good times and willing to help out in the bad times you should have a win-win situation. There is plenty of hope out there but we all have to be proactive. The economy will continue to sink and with it the consumer confidence, but yours doesn’t have to. If you don’t already have a plan now is the time to develop one. Once you have your plan then you can start to work on it. Cut unnecessary spending, where applicable. Our country will be moving to more of a saving mentality than the “spend now and pay later” attitude of the last 25 years.
We have to pay sometime and now the time has come. Regardless of all the changes and solutions the new political administration sets forth, the U.S. and global economies are still going to have to run their course. This year may be tough but I believe 2010 will show promise. We may see a prolonged recession, maybe upwards of a decade or more, but some of the most profitable times in our country’s financial history have been when the economy is moving sideways. Just like the markets, if there is a sideways trend there is great opportunity to get in at the lows and get out at the highs and you can do that several times during the cycle. Find a good network where you can share ideas with likeminded individuals and then use that network to help you succeed.
All my best -
James Dicks
Making the Tough Decisions during Troubling Economic Times - To learn more about this author, visit James Dicks's Website.
Like this article? Share it with your friends
Yet another week and the uncertainty continues to grow. The time has come to do something proactive; I mean, you can't just sit on the sidelines and hope you aren’t affected. Chances are you are already affected at some level. If you own your own business then you must simply take a step back and decide what it will take for you to weather this economic storm. Success is measured by your ability to hold on through the rough times and prosper in the good times.
I’m sure you’ve heard the saying “You have to make hay while the sun shines,” well, that time is over and now you have to preserve and be ready for tomorrow. You don’t have to live in tomorrow but you do have to position yourself correctly. How do you do that? That’s easy, you start identifying areas of the economy that will have to succeed; areas that people will spend money in no matter what is happening.
But before you do that you need to make the hard decisions, you have to decide what keeps you going and do it. Don’t be paralyzed by the decision. Don’t push off tomorrow what you can and should do today because if you do you won't be around tomorrow. Those that make these tough decisions now will be well-positioned in the future.
For those of you who are currently employed, your mission is simple. Do whatever is necessary to help your company and your boss keep the doors open. You do that by recognizing and understanding that the company may be suffering tough economic times too. Look around for areas of the business that may be wasting money or areas than can be streamlined. You must do whatever it takes even if that means offering to take a pay cut. If needed then so be it, but remember the boss will remember that when it comes down to layoffs. Your boss needs people around who take ownership in what they do, and aren’t there just to collect a pay check every two weeks. I can assure you that those days gone.
Here are the alternatives in these tough times. At some point your company will start to evaluate the assets and resources and if you have the shortest seniority, your name will come up sooner than later but that’s okay. If you know it then that gives you an advantage, the ability to develop a “plan B.” But remember this, if you are thinking about finding another job rather than sticking around and helping your current company, be careful. First, jobs are very difficult to find today and if you are fortunate enough to locate a company to hire you, they are probably facing the same volatile economic conditions that your old company was experiencing. Just keep in mind; you will be the newest member of the staff in the new company which means you have absolutely no seniority. So, what were the benefits?
I recommend that you stick it out right where you are; as long as you are making money in the good times and willing to help out in the bad times you should have a win-win situation. There is plenty of hope out there but we all have to be proactive. The economy will continue to sink and with it the consumer confidence, but yours doesn’t have to. If you don’t already have a plan now is the time to develop one. Once you have your plan then you can start to work on it. Cut unnecessary spending, where applicable. Our country will be moving to more of a saving mentality than the “spend now and pay later” attitude of the last 25 years.
We have to pay sometime and now the time has come. Regardless of all the changes and solutions the new political administration sets forth, the U.S. and global economies are still going to have to run their course. This year may be tough but I believe 2010 will show promise. We may see a prolonged recession, maybe upwards of a decade or more, but some of the most profitable times in our country’s financial history have been when the economy is moving sideways. Just like the markets, if there is a sideways trend there is great opportunity to get in at the lows and get out at the highs and you can do that several times during the cycle. Find a good network where you can share ideas with likeminded individuals and then use that network to help you succeed.
All my best -
James Dicks
Making the Tough Decisions during Troubling Economic Times - To learn more about this author, visit James Dicks's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to James's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
|
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Network More Effectively Book of Leadership Winning Sales Letter Your Annualized Bus Dev Plan How to Get a Life |
|
 | ||
 |
Top 50 Geek Business Blogs
Top 50 Geek Business Blogs | |
 |
Guide To ERP Software
Business Management Software | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||